The approval of a Bitcoin ETF is considered a great hope among crypto investors to initiate a new Bullrun. This could flood the markets with fresh capital. The SEC decided yesterday that requesting an ETF will take more time than expected.
The Securities and Exchange Commission (SEC) postponed the decision on the application of the VanEck Bitcoin ETF (Exchange Traded Fund) once again. The final decision will be made on February 27th, 2019. However, this delay is no surprise, since almost the entire crypto market is currently suffering from a continued bear market. The SEC released the following note:
“The Commission considers it appropriate to lay down a longer period within which a decree authorizing or rejecting the proposed rule change may be ordered, so that it has sufficient time to consider this proposed rule change.”
VanEck remains optimistic for Bitcoin ETF
Contrary to this announcement, Van Eck’s director of digital asset strategy continues optimistic and confident that the SEC is about to submit its application for approval of the submitted Bitcoin ETF. However, this is not too big a setback. He believes it is only a matter of time before the market is ready for such a financial product:
“We’re pretty sure America wants a Bitcoin ETF. We believe that we have met all market structure barriers as well as pricing, custody, and valuation requirements. Therefore, we are cautiously optimistic.”
The SEC postponed the decision on the ETF from VanEck and SolidX Bitcoin Trust several times this year.
Yes or No?
So far, the SEC rejected all applications filed, reasoning that the legal requirements, as well as the possible effects on the crypto market, have not yet been sufficiently clarified. Some critics accuse the SEC of pure arbitrariness, up to a steered delay of a renewed upswing of the market.
Regardless, Nasdaq announced the launch of Bitcoin futures for the first half of 2019. This, coupled with the approval of an Bitcoin ETF, could have a positive impact on the evolution of all cryptocurrencies.